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There are some good regional stock exchanges near where GBDX is located in Tshipisi, South Africa. The NAMIBIAN STOCK EXCHANGE (NSE) AND BOTSWANA STOCK EXCHANGE(BSE). Both exchanges allow dual listings. Pension funds in Namibia ARE REQUIRED to invest 35% of their funds in Namibian stocks only. Local stocks are always in short supply. The Namibian economy largely avoided the financial meltdown because much of the economy is natural resources. There is a relative ease to list on either exchange. This gives you some idea as to the possibilities should GBDX merge or be taken over by an African resource company.
Absolutely! The Johannesburg stock exchange (JSE) gives listing requirements in easy to understand english. It is relatively inexpensive to get listed. There is also a list of companies that are not listed on the JSE which trade. I have been studying the listing requirements for a foreign company that is taken over or merged with a south african company. This is most likely the direction GBDX will take. Most of the companies on the JSE are dual listed on other exchanges like the London Stock Exchange or pink sheets.
An F would be added to the symbol GBDX. There are a number of companies listed on the Pink Sheets or higher exchange and also listed on Johannesburg exchange. Anglo-American LLC is an international miner that is listed on both the pink sheets and Johannesburg exchange. GBDX would have to have current financial statements before making the application.
It will not take too much effort to get the financials up to date. Eventually, GBDX will get re-listed on the pink sheets or go on a higher exchange. GBDX could get a listing on the Johannesburg Stock Exchange. The requirements for listing are not as stringent as for the U.S. markets. That is one reason why the two Russians resigned. They were replaced by two Africans. This is so GBDX can comply with the Black Entrepreneur Empowerment Act (BEE) for South Africa.
The MYSTERY SELLER when GBDX ran was Turino and clan dumping hundreds of millions of shares of unregistered restricted stock without a restrictive legend on it. The MYSTERY BUYER was GBDX MANAGEMENT. This was done by GBDX MANAGEMENT to keep these bogus shares out of the public market. If you remember, GBDX kept increasing the authorized shares while this was happening. The public float never increased. The stock subsequently dropped back when the Dodge group shorted shares. The PAID BASHERS of the Dodge group were very effective with their daily posts.
I think HELEN BAGLEY AND JEFFREY G. TURINO will be looking at 20 years each in Federal prison. Over 300,000 pages have been assembled by law enforcement agencies in the indictment of HELEN BAGLEY.
THE BIG BUYER when the stock ran was GBDX MANAGEMENT. This was to keep a controling interest. Who else would have bought hundreds of million shares each time it ran with no PR's being issued.
I hope HELEN BAGLEY does not snore. She will be living in a small 3 man cubicle in Federal prison along with the Turino clan.
I am impressed by the credentials of LAVA BEURIKOV and ELENA VOUSHVA. Each has spent more than 20 years in the diamond business. I never bought into the argument that there was internal stock manipulation. I BELIEVE THE ORIGINAL INTENTION OF GBDX was to BUY BACK company stock and then go private. The external involvement of the Turino clan and Helen Bagley did not allow this to happen. There is no mention in any SEC release that there was inside manipulation of GBDX stock. This could easily have been stated (if there was) in the last litigation release.
The sole reason for stating the charter of GBDX is to be revoked was to drive down the price of GBDX stock. I agree that shorty is buying real shares to cover his position.
Is the U.S. Department of Justice planning to amend the Indictment re: CMKX (or do a superceding indictment) of HELEN BAGLEY to also include her activities in transfering 1.8 billion shares of unregistered GBDX and other companies stock without a restrictive legend to investors who bought the shares? This may muddy up the indictment.
While she spends years in prison, she will work for UNICOR INDUSTRIES. She can work up to grade 1 which pays $1.10 per hour. Half her monthly paycheck will go to reducing the $60 million judgement she is severally liable for.
Orangeman3 last posted on 1/23/10. I feel much better about GBDX after carefully reading the 40 page indictment of those parties and HELEN BAGLEY who were connected to the CMKX scandal. The SEC and U.S. law enforcement agencies spent thousands of man hours laying out their case. Thousands more hours were spent laying out the grounds for obtaining the $10 million fraud judgement against Turino, his family,friends and associates re: GBDX and several other companies. The story yet to be told is how the Dodge group NSS billions of shares of GBDX that they failed to deliver on.
SEC litigation releases have given us an accurate picture on the manipulation of GBDX stock from 2004 until early 2008. The amount of bogus shares sold and the proceeds to Turino, et al has not been disclosed yet by the SEC. What needs to be worked on is the role of the Dodge group in the manipulation of GBDX stock from early 2008 until the present. This group compensated people to bash the stock down. Health care and other benefits were offered to the paid bashers who are employed for 6 months or longer. The motive was to short sell GBDX stock on the way down. I WOULD GREATLY APPRECIATE READING POSTS BY THOSE IN THE KNOW.
All the public information on GBDX suggests that the manipulation was done outside the company. Otherwise, the SEC would have done an administrative hearing where they revoked the charter of GBDX. None of the PR's issued by GBDX were singled out as untrue. The two week suspension was only a slap on the wrist. GBDX is not a shell. There should be proceeds to either GBDX or shareholders from the Federal judgement that was obtained. There are many people that the DOJ will go after to collect on the judgement. The assets of Turino, his family, friends and associates are frozen who received ill gotten gains from Turino. Collection activity should be happening now. We should hear also about what ill gotten gains Helen Bagley received. E-mails, text messages, correspondence by mail leaves a good trail that can be followed to locate concealed assets. The naked short position in GBDX that the Dodge group brags about is also an asset.
GBDX has relocated to where the diamonds are. I am optimistic after studying some of the private diamond mining companies in South Africa that would like to access capital through a merger with a company like GBDX.
The GBDX situation is looking better all the time. Thank you for the great DD you have done. Even more evidence that the manipulation of GBDX stock was all done outside the company. It appears that the Dodge group has stopped their smear campaign for now.
I am in complete agreement with you that all the manipulation of GBDX was from outside the company. I have found not a shred of evidence to suggest that GBDX did anything improper. The SEC proceedings support this conclusion. On 12/16/08, the SEC states that Turino IMPROPERLY SOLD billions of shares of GBDX and several other companies in the open market. This suggests that NONE of these shares were authorized by GBDX management for Turino to sell. The transfer agent would be in on this with Turino. The bogus shares would have been created and then sold. The GBDX charter would have been revoked years ago had there been inside manipulation.
None of the posts by those attempting to suggest there was inside manipulation of GBDX are convincing.
The SEC states, on 12/16/08, that 1.8 billion shares of GBDX and other companies were improperly sold by Turino relying on reg 504. THE SEC HAS NOT MADE PUBLIC the amount of shares that apply to GBDX. How can these bogus shares be cancelled? They were bought on good faith by investors. I assume there are hundreds of million shares of GBDX that are bogus that were sold by Turino. We also have matters of the Dodge group. IT APPEARS THEY STARTED THEIR SMEAR CAMPAIGN once Turino stopped manipulating GBDX in 2008.
I have carefully read the SEC proceedings re: Jeffrey Turino. On 12/16/08, the U.S. District Court judge signed an order to freeze all of Turino's assets. Assets of related parties to Turino were also frozen. I assume this means Turino's family, friends and associates who received ill gotten gains from Turino. Interpol and U.S. law enforcement agencies cooperate very well together. The judge's order says that Turino is hiding offshore. I have confidence that all his offshore accounts will be located and seized. SEC News Digest 2009-118, states that Turino improperly sold 1.8 billion shares of GBDX and other companies. How many of these bogus shares apply to GBDX? The SEC is seeking to recover monies from Turino and return them to BMCS shareholders. The same should also apply to GBDX shareholders once monies are collected. None of the SEC proceedings in Federal court probably took place with Turino present.
That's a date! We do not know the scope of U.S. law enforcement activities. Is the Dodge group and their paid bashers being investigated? Did the SEC have a collateral investigation with the IRS or will now refer the case to the IRS? The SEC litigation brief seems to suggest that the judgement can be segregated by the different companies envolved. There is also the question of the shareholder of record date. Must one be a current shareholder of GBDX to collect or a shareholder for the period in question.
We already have a $10 million dollar judgement from a Federal court based on fraud. Thus, the transfers from Turino to his family and friends can ALL be set aside (voided). In addition, each of Turino's associates are SEVERALLY liable for paying the judgement in full. THERE ARE A LOT OF PEOPLE HERE WHOSE ASSETS CAN BE SEIZED AND LIQUIDATED TO PAY OFF THE JUDGEMENT. HOW DOES SHORTY FIT INTO THE PICTURE?
SEC litigation release #21094 states that Turino transferred most of his ill gotten gains to his family and friends. Once the transfers are set aside (voided) then the U.S. Department of Justice can go after these people's assets. Turino's family and friends would have left a trail, i.e. text messages, E-mails, correspondence, etc. that will probably implicate them in the scams Turino was involved in. The big question is HOW THE RESTITUTION WILL BE RELEASED.
The big difference between CMKX and GBDX is the public float. I do believe that the GBDX shareholders are in for a BIG PAYDAY.
You will find him on the CTKH site. The posters there are complaining of a gigantic NSS (billions of shares) in that company. Maybe, the Dodge group is involved in that one as well. I believe this post is relevant to what has happened to GBDX.
That's true. Once the transfers are voided anything they might own of value can be seized and liquidated to satisfy the judgement. Only in Texas can one exempt personal real estate from having a lien placed on it by the Feds.
Any assets that Turino, his family, friends and associates have will be seized and sold by the U.S. Department of Justice to satisfy the judgement. The IRS will be coming in to study more closely the Turino transactions now that we have a good judgement. The IRS matters will become public information if tax fraud is established.
On 10/09/2008, Dodge posted that Sib Almaz of GBDX is involved in the diamond market in Dubai. Is the connection with Global Diamond Tenders? I have been unsuccessful in getting GDT to corroborate this. GDT is a huge processor of uncut diamonds from Russia. They also polish the diamonds and make them ready to export. GDT has done hundreds of millions in business.
The question is HOW THE RESTITUTION IS TO BE DISTRIBUTED TO THE SHAREHOLDERS OF GBDX. There are posters here who were compensated to post negative or untrue information about GBDX. I have yet to see one proper DISCLOSURE. Those posts resulted in a substantial drop in the value of GBDX stock.
The SEC and U.S. law enforcement agencies have identified the transfers that went to Turino's family and friends. This money is recoverable. Turino made 9.6 million from manipulating the price of GBDX and other companies. Where do the lawyers come in. This is a Federal judgement. The U.S. Department of Justice does not charge victims for collecting money from the defendants to pay the victims. The next actions should be the involvement of the IRS to identify unreported income for the periods in question. There is a 10 year statute for the IRS to collect back taxes once the tax returns are on file. A 20 year statute on collection for the Federal judgement we have.
It is possible that each of the defendants will wind up in Federal prison. Possibly, also state charges will be filed against them. This does not stop collection activities. Each defendant could earn as much as $500 per month if they work overtime at Unicor Industries. Half that amount is deducted from their earnings to pay restitution. If the defendant decide to quit work atUnicor then they are assigned to other work. Even then 50% of their earnings are subtracted for restitution.
Jeff Turino and each of his associates will be paying restitution to the Department of Justice for the next 20 years.
Darby Uguma is a free lance architect who works out of his house in South Africa. I have been unable to find out any other information about him. There was a reference to Didier Debonggo in a medical journal in South Africa which I have been unable to retrieve. Both gentlemen were appointed to management so that GBDX would have black participation in the company and comply with South African regulatory requirements. I believe these two gentlemen are part of a transition team prior to any merger or takeover involving GBDX. This area needs some work. I am currently doing research on some of the private South African diamond mining companies that might be good merger candidates.
The U.S. Securities and Exchange commission obtained a $9.95 million judgement against Jeffrey Turino. SEC litigation release #21094/June 22, 2009 states that Turino transferred millions of dollars in ill gotten gains to his family and friends. All those transfers can be set aside since the judgement is on account of fraud. Why do you say that nothing is coming to the GBDX shareholders once these transactions are voided? Turino may be holding a block of unregistered stock in GBDX. This is stated in the SEC release.
The Dodge group pays 50 Cents to $3 per post to those who post negative or untrue information about GBDX. The bashing took place as their naked short position increased to 1.94 billion shares. This was done to at least two other companies.
You are correct. People that have been posting negative or untrue information about GBDX should have disclosed that they were compensated for making those posts.
This is the first post I've made about this topic that hasn't been deleted. Go to the Dodge group website. You will find out that they compensate people to post negative information about GBDX. I may say more later.
There are people posting here who have been financially compensated to post negative information about GBDX. This has been going on for years. They do this to get your GBDX shares at a cheap price.
Perhaps, I may be permitted to post some information that would help people to understand the GBDX situation a little better. All my posts on that topic have been deleted.
That would help. I am researching a connection between Global Diamond Tenders in Dubai and GBDX. The Dodge group stated on their website that GBDX has a Dubai connection. Global Diamond Tenders has done hundreds of millions in business. They do the same thing as GBDX. Namely, cut and polish rough diamonds from Russia.
I believe there is also a connection between Global Diamond Resources of South Africa and GBDX. This I can't prove yet.
We should be hearing something soon about the restitution award to GBDX shareholders and several other companies as a result of the $10 million judgement awarded in Federal court. As I stated earlier, Jeff Turino and each of his associates can't avoid paying restitution even if they wind up in Federal prison.
You are correct. The Dodge group naked shorted about 10 million shares. There is a public float of about 5.5 million shares for NWOL.
Any reason for the breakout? Dodge group short covering?
Every post I make about one aspect of the Dodge group involvement in GBDX is deleted. I'm sure the administrators at IHUB have done this for a good reason.
I have yet to see any evidence that GBDX management was involved in the manipulation of the stock price. Other posters have posted the names of Jeff Turino's associates.
What should be happening now is a referral by the SEC to the civil division of the Internal Revenue Service for potential tax evasion. This is if more than 25% of income earned was not reported on their tax returns. The examining agent assigned the case would then refer the cases to the IRS Intelligence Division for criminal investigation if there is fraud. The Special Agent (SA) assigned the case(s) would work closely with the U.S. attorney and IRS Revenue Agent who was originally assigned the case where these people live. Either the civil or criminal division of the IRS would have referred the cases to the CIA for investigation overseas of financial records and assets.
Even in prison a judgement for fraud has to be paid. It is mandatory that the defendants work at Unicor Industries to pay restitution. 50% of the monthly income earned is automatically deducted from their wage to go to a crime victims fund. Most inmates in Federal prison, upon completion of their sentence, apply for a pardon so that they can have some records expunged. An inmate with an unpaid balance in the crime victims fund is not eligible for a pardon.
I don't have a good feel for the time frame on GBDX. The wheels of justice sometimes move slowly. However, they do move. I apologise for overly condensing the above information.
The judgement we GBDX shareholders have is on account of fraud. A chapter 7 or chapter 11 bankruptcy does not set aside this type of judgement. There is no grace period for making late monthly payments. A bankruptcy filing does not stop the requirement that payment is made to a crime victims fund. The U.S. Department of Justice can arbitrarily increase the monthly payment required. The DOJ determines the amount of monthly payment to be made. Not Jeff Turino and each of his associates.
The Dodge group claims to have also naked short sold at least two other companies. Both companies have issued PR's complaining of the naked short selling. The companies did not name the Dodge group as the one doing it. One company threatened to have the naked short sellers prosecuted. What will move GBDX is the upcoming merger or takeover. Also, more information to surface on the collection of funds on the judgement in favor of GBDX shareholders. I was notified that one other Federal law enforcement agency is looking into the manipulation of GBDX stock.
Jeff Turino and each of his associates will be required to pay monthly into a crime victims fund as administered by the U.S. Department of Justice. The monies paid need to be in the form of a cashiers check or bank check. The DOJ does not accept personal checks.
I was fortunate to pick up some GBDX shares at .0001 awhile ago.
GBDX management increased the authorized shares while the stock was being naked short sold. However, none of the increase in authorized shares were issued to the public. The public float stayed the same at about 400 million during the time the shares were shorted. There are at least 1.5 billion short shares that will never get covered. These are counterfeit shares.
What is most interesting to me is who in the background will make the first move. I have never sold a share of GBDX. I am accumulating because I expect good things to happen.